FranklinDAO (Prev. Penn Blockchain) Delegate Platform

Deploy Aave V3 to zkSync 2.0 Testnet

We voted YAY: Voted yes to deploying Aave V3 to zkSync testnet, priming zkSync in preparation for their launch. Hugely in support, and helped team with the proposal power needed to create this proposal.

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Security and Agility of Aave Smart Contracts via Continuous Formal Verification

Voting YES: We believe the steps taken by Certora so far have proven useful to the protocol as a whole and the updated work agreement terms are reasonable and well deserved!

Chaos Labs Risk Platform Proposal

We voted YAE: Much of our support for this proposal is expressed in the forums, but at its core, we believe the Chaos team deserves the chance to prove themselves on Aave with very favorable work agreement terms.


Certora Continuous Formal Verification

We voted YAE: The team has been very helpful and explained many of our concerns regarding this proposal. We are impressed by the work the Certora team has done for the last 6 months and thing this terms of work is very fair. Also, we were very happy to lend them our proposing power to submit the formal on chain vote and it was a great learning opportunity for us as well!

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Add OP to Aave V3 on Optimism

We voted NAY: Our ultimate reasoning for voting no is because given current market condition, adding more volatile assets that have not undergone appropriate risk assessments by Gauntlet should have their listing delayed. Pending Gauntlet’s risk analysis in the next couple of weeks, happy to reopen convos; just unlucky timing and analysis.

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Risk Parameter Updates for Aave V2 ETH Market (2022-11-12) & Risk Parameter Updates for Aave V2 ETH Market (2022-11-13) & Risk Parameter Updates for Aave V2 ETH (2022-11-13)

We voted YES: We thank the Gauntlet team for ensuring the safety of the protocol and voted yes as a conservative cautionary vote just incase something bad were to happen. Will reassess to readjust parameters in the future, but feel right now in light of everything, these conservative choices are safer.

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[ARC] Gauntlet <> Aave Renewal

We voted YES: We think the Gauntlet team is one of the most valuable teams in the industry and a must need for Aave. Their work and on the ground due diligence with many of the recent events happening proves this once again. We’re excited to vote yes and look forward to what they have in store this year!

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Enable USDT as collateral on Aave v3 on Avalanche

We voted NO: We had a very productive chat with Luigi and were happy to learn a bit more about this proposal. Our main reasoning for this was the we believe the LTV is too high in current market conditions.

Our main reasoning was this: 70% LTV lets users effectively 1/(1-0.7)= 3.33 leverage if they were to loop their USDT. In times of high FUD in the past, USDT has dropped 6%+ for extended periods of time. With this high of leverage, and at a 70% LTV, substantial risks of bad debt and further other asset markets being under strain might arise.

This is why we believe if USDT were to be added as collateral, we should start off with a 20% LTV before upping that number in the future if things go well / more reserve transparency is provided.

[ARC] Risk Parameter Updates for Aave V2 ETH 2022-11-17

We voted YES: Voting yes as we believe these are good models and in line with our prior risk parameter update decisions.

[Temp Check] Add Support for cbETH for Aave V3

We voted YES: We believe the liquidity and safety of cbETH is sufficient enough to test out and look forward to seeing new discussions in the next few weeks.


Risk Parameter Updates for Aave v2 Ethereum Liquidty Pool

We voted YES: After the precautionary changes made recently, as things simmer down, we think updating these parameter updates to allow for more borrowing again is appropriate. We thank both Llama and Chaos teams for being “on the ground” and actively managing these situations.

Risk Parameter Updates for Aave v2 Polygon

We voted YES: Similar logic as above. Props to Gauntlet team for also staying on top of things and looking forward to slowly scale up collateral types again in a safe and controlled manner.

Risk Parameter Updates for Aave v2 Ethereum (DAI LT and LTV) & Risk Parameter Updates for Aave v2 Ethereum (USDC LT and LTV)

We voted 150bps LT decrease for USDC and 300bps LT decrease for DAI: This is in line with general reducing risk across the risk while liquidating the minimum amount of capital (only a few thousand dollars of liquidation fees) in comparison to the 300bps for USDC.

V3 Borrow Cap Recommendations (Fast-track)

We voted YAE: This is in line with the supply caps pushed through earlier and believe that the updated metrics are beneficial to the security of the protocol as a whole.

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Voting YES: Voting Yes on new proposal in line with our prior reasoning.

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Voting Yes: Here again. We appreciate the Gauntlet team for their work and think this revision is very appropriate.

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Freeze Aave V1

We voted YES: This is appropriate as Aave transitions away from v1/2 and to solely focus on v3. We believe the upkeep of v1 is too much a strain and should just be depreciated.

Approve pricing approach for WBTC on Aave

We voted WBTC: As Paul highlighted, WBTC and BTC are two fundamentally different assets and if we have the ability to price WBTC using a WBTC oracle, we should do that instead of the unwrapped asset.

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Chaos Labs Aave V2 Coverage

We voted YAE: We are very happy with the team’s work so far and think the new ask in terms of compensation is reasonable and fair. We think the increased number of eyes covering in the short run is good for competition and leads to more efficient outcomes. Going forward, will need a further emphasis on budget as more and more players cover more.

Aave Grants DAO Update & Renewal

We voted YAE: Penn Blockchain is in full support of this. Being a past recipient, we see the value this provides and thanks Shreyas for all his past work. We’re looking forward to @0xbilll and are confident he will lead the team well.

Risk Parameter Updates for Aave V3 Optimism Market (2022-12-29)

We voted YAE: We read the reasoning in the forums and agree with the point of having SOME cap vs none. Whether that’s 100k or even less at 14k, whatever it is, starting with ensuring a high cap is immediately passed is critical in our opinion. We believe the 100k high cap that has been proposed is a good start and further decreasing/changes can be discussed with a “hedge” in place.


Aave Ethereum V3

We voted YES: Looking forward to the momentus passing of this vote. V3 has proven itself to be the best way forward and are looking forward to the main market incorporating the lastest version as well!

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  • [ARFC] Polygon v2 - Parameter Update
    • Option 2 is the best choice for migrating users from Polygon v2 to v3 as it offers a more conservative approach to adjusting the Uoptimal and Reserve Factor (RF) parameters. This method ensures that the deposit yield remains the same, creating a favorable environment for the migration without putting users’ positions at risk of liquidation. By reducing the Uoptimal by 33.33% of the difference between the current utilization and Uoptimal value, this option provides a balance between encouraging migration and maintaining user confidence in the platform.
    • In addition to maintaining the same Slope2 gradient, Option 2 directly increases the borrowing cost for users while keeping deposit rates the same, incentivizing borrowers to migrate to v3. This conservative adjustment will ensure that structured leverage products remain viable without significantly impacting their holding costs. Overall, Option 2 provides a measured and effective solution for the migration of users from v2 to v3, leveraging the liquidity mining campaign and the improved deposit rates offered by Polygon v3.
  • [ARFC] Modify Snapshot Proposal Threshold
    • By raising the threshold to 3.3 times its previous level, Aave’s off-chain governance process will benefit from more stringent requirements, ensuring that only legitimate proposals from experienced professionals and delegates are considered. This, in turn, will contribute to a reduction in scams, fraudulent proposals, and disruptive phishing attempts.
    • Implementing this proposal will result in improved efficiency for the Aave community, as a higher threshold will mean fewer proposals to review, allowing for more focused attention on genuine submissions. The proposed update will not only streamline the governance process but also enhance the overall quality of the proposals being considered.
  • Aave Bug Bounty Program on Immunefi
    • The decentralized nature of testing through a bug bounty program harnesses the collective intelligence and skills of security researchers worldwide, ensuring that Aave’s codebase is continuously scrutinized and vulnerabilities are responsibly disclosed.
    • Immunefi is a good choice to support this.
  • [TEMP CHECK] Allocation of 300k OP Received by Aave Grants DAO
    • Allocating up to 100,000 OP for the current Aave Grants DAO (AGD) engagement and preserving the remaining 200,000 OP for future seasons will ensure long-term support for teams building within the Aave Optimism ecosystem. This approach allows for multiple seasons of grant distribution, fostering innovation and growth on the Optimism platform.
    • By dedicating 2/3rds of the allocated OP tokens to Optimism-focused grants and 1/3rd to events and bounties, this proposal demonstrates a commitment to fostering innovation and increasing awareness of Aave on Optimism.
  • [ARFC] Aave V3 Interest Rate Curve Changes (2023-04-27)
    • By adjusting the interest rate parameters for selected assets, the proposal aims to reduce risk and increase protocol revenue, leading to a potential annualized revenue growth of over $135k.
    • The primary objectives of these changes include mitigating the risk of 100% utilization in a pool and building reserves to cover insolvencies or future expenses. Additionally, the adjustments aim to optimize the user experience for both borrowers and suppliers on Aave’s platform.
  • [ARFC] Liquid Staking Token E-Mode Configuration for Aave V3
    • Option 4: Gauntlet Aggressive, Confined Assets - This option suggests including a single LST-BASE pair pool with aggressive risk preference outlined in the table above. This choice is Gauntlet’s second preference and is not possible with the current pool configurator. By having separate pools for each LST-BASE pair, this option allows for a more accurate and individualized risk assessment, as each asset’s inherent risk can be isolated and addressed accordingly.
    • Pooling inherently risky assets together and relying on risk underwriting seems less prudent than assessing the risk associated with each asset in an isolated manner. This approach allows for better risk management and enables Aave V3 to respond more effectively to market fluctuations and potential issues affecting each specific asset. Consequently, this option is better suited to maintain the stability and security of the platform while maximizing capital efficiency.


  • Upgrade the safety module to v1.5 PART 1
    • We voted: YAE
    • The introduction of advanced slashing mechanics, a new cooldown mechanism, and a GHO transfer hook are important upgrades to the safety module codebase. Given that the proposal has undergone several security audits and technical review procedures, we feel comfortable voting in favor of this upgrade and are excited for the rollout of the features.
  • Gauntlet Recommendations for Polygon V3 and Arbitrum V3
    • We voted: YAE
    • EURS (issued by Stasis) is the largest euro-backed digital asset. We agree with Gauntlet’s recommendation to expand its supply and borrow caps to a conservative level of approximately 40% of the circulating supply for EURS on Arbitrum in order to alleviate the limitations and excess costs imposed by the caps on the market currently.

Announcement to the Aave community from the governance team at FranklinDAO.

As part of an effort to strengthen our internal organization and operational security, we’re migrating our delegate profile (franklindao.eth) to a hard wallet at 0xCc878369b26127BD4bC1B0B465bC8bE9b92a4c62.

Our old address (0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b) will remain active in protocol governance for the next month until June 15, 2023, so as to give everyone ample time to re-delegate their tokens.

We appreciate all of the holders that have entrusted us with their voting power and look forward to meaningfully improving the projects we all use on your behalf.

We are always accessible via the forums or Twitter @franklin_dao for any questions!

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